Green and Partners welcomes James Jenkins

James’ primary focus is on the leasing and letting of in town retail property. He is working for clients including DTZ Investors, Threadneedle, M&G and LaSalle Investment Management.

James started his career at BNP Paribas Real Estate where he became a Member of the Royal Institution of Chartered Surveyors. He then joined AS Retail where he worked until joining Green and Partners in 2017.

Poundworld become the latest addition to Clarendon Square, Hyde

On behalf of LaSalle, Green & Partners have secured Poundworld as the latest entrant to Clarendon Square, Hyde.

Poundworld have recently taken possession of the 8,500 sq ft store which is due to open this summer and join the likes of B&M, Peacocks, Bodycare, Argos, Superdrug, Greggs & Holland & Barrett. Tenants who have recently committed their future to the 120,000 sq ft scheme include EE, Bon Marche & O2.

For further information and to discuss potential requirements please contact Olly Gardner or Matt Beardall.

Avignon buys £9m Southampton Arts complex

Avignon Capital has acquired a modern, mixed-use leisure scheme in Southampton from Grosvenor for £8.75m.

The 88,315 sq ft Arts Complex, developed by Grosvenor and McLaren, is located in the heart of Southampton’s thriving Cultural Quarter at Above Bar Street.

The arts centre element of the development, known as Studio 144, is leased to Southampton City Council and is due to open in summer 2017. A multi-purpose performing arts centre will offer two performance spaces, a dance studio and a bistro café. Studio 144 will be run by the Nuffield Theatre and is projected to attract 750,000 visitors a year.

The newly developed building is also home to seven restaurant units, which are fully let to Gourmet Burger Kitchen, Nandos, Tapas Barcelona, Mettricks, The Stable, Neighbourhood and Costa Coffee.

The Cultural Quarter area is core to Southampton’s social and economic regeneration programme that has benefitted from significant investments in recent years. It now offers a diverse range of cultural and entertainment attractions and is a desired restaurant location in the city.

The asset also benefits from occupying a highly prominent site situated on Guildhall Square, which has been recently restored and is home to the O2 Guildhall, the City Art Gallery and City Library.

Phil Walker, Investment Manager at Avignon Capital, said: “Having recently sold our holding in Worcester, we have redeployed that equity into a brand-new asset with 18 years WAULT in the growing cultural location of Southampton. This acquisition fits with our ethos of supporting the film and the art industries and we are excited about the opening of the Nuffield Theatre and Art Centre at the complex later this year.”

“Southampton is a key commercial centre for the South East region and is renowned as the cruise ship capital of Europe; with four million visitors every year, we see huge potential here.”

Avignon Capital has a track record of supporting the creative industries. Last year the firm entered a joint venture with Curzon Cinemas to support the expansion and create a portfolio of well-located, long-let cinema led investment opportunities. Avignon Capital also acquired the historic Berliner Union Film Campus in Berlin, which is occupied by a wide variety of media companies, including YouTube and the Met Film School.

Green & Partners appointed as joint letting agents on High Chelmer, Chelmsford

Green and Partners have recently been appointed by La Salle Investment Management to work as joint letting agents with Cushman & Wakefield on High Chelmer, Chelmsford.

Both household income and non-grocery spend in the city is 8% above the UK Benchmark and Chelmsford has also benefitted from John Lewis opening in 2016. High Chelmer comprises 303,000 sq ft of retail and leisure space and benefits from parking for 980 cars as well as The Exchange restaurant quarter – The recently opened development which provides a new restaurant hub with occupiers including Carluccios, Cote, Turtle Bay, Bourgee and Banana Tree. The scheme has a particularly strong fashion offer with key occupiers including Next, Primark, Superdry, Topshop, RiverIsland, and New Look. Annual footfall for the scheme is in excess of 9m.

Chelmsford – High Street Acquisition

Green and Partners are pleased to have acted on behalf of the purchaser of 55 High Street, Chelmsford.

The price has been agreed at £1,900,000 reflecting a Net Initial Yield of 5.94%. Held freehold, the entire property is let to Moss Bros Group Plc on a 10 year full repairing and insuring lease from 28 September 2011 at a current rent of £120,000 per annum. Green & Partners acted on behalf of a private client.

Green & Partners Sell High Street Asset in Swansea

LaSalle Investment Management have sold the long leasehold interest of Wilko, Singleton Street, Swansea for £4,000,000 reflecting a Net Initial Yield of 8.15%.

The property is held long leasehold from the The Council of the City and County of Swansea for a term of 125 years from 24th June 1998. Wilko Retail Limited occupies the property at a passing rental of £370,000 per annum. The property occupies a prominent position on Singleton Street in the heart of Swansea City Centre, adjoining both The Grand Theatre and the main entrance to Swansea Bus Station which links to The Quadrant Shopping Centre.

71 & 73 St George’s Street sold for £2,157,000 on behalf of an institutional client. The property comprises two modern retail units arranged over ground and first floors. 71 St George’s Street is let to the Jaeger Company’s Shops Limited at a rental of £65,000 pax until 21/08/2022 with a fixed uplift to £70,000 pax in August 2017. 73 St George’s Street is entirely let to Paperchase Products Limited at a rental of £45,000 pax until 31/03/2023. There is a fixed uplift to £50,000 pax in 2018. The combined total current income of the two properties is £110,000 pax.

Green & Partners acted on behalf of a private client in the investment sale of 26 Winchester High Street. The property is entirely let to Accessorize Limited t/a Accessorize and sold for £1,640,000. The tenant recently entered into a lease renewal for 10 years from and including 28th February 2017 at a passing rent of £72,250 per annum (£195 ZA). The lease is subject to a tenant break option and an upward only rent review on 28th February 2022.